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SIOUX FALLS, S.D. (KELO) – The money being saved to build new men’s and women’s prisons in South Dakota will make millions of dollars in interest. 

House Bill 1073 would require those dollars to remain in the incarceration construction fund (ICF) created in 2022. Senate Appropriations members unanimously supported HB1073 Tuesday and put the bill on consent calendar for passage in the Senate. 

“This will bind the interest earned on the money and it could be a substantial amount appropriated into the ICF fund,” Republican Sen. Jack Kolbeck said. “When the prisons are built and paid for, the fund will be dissolved. To me, this is the conservative and right approach to the interests that is raised on this fund.” 

According to a fiscal note by the South Dakota Legislative Research Council, there’s currently $365.6 million in the ICF. The LRC estimates, with no expenditures made in Fiscal Year 2025 and an interest return of 1.9%, the interest returned would be $6.9 million. If $86.6 million from the ICF is appropriated in FY 2025 as expected in the governor’s budget, the ICF would gain around $5.3 million in interest. 

  • South Dakota prison fund to generate more than  million in interest 

According to the most recent estimate, the proposed new men’s prison slated for rural Lincoln County will cost more than $700 million. A final contracted price for the new men’s prison won’t be known until September 2024, officials with the DOC told lawmakers earlier this year. 

The new women’s prison in Rapid City will cost $87 million and construction is expected to start soon.  

Two bills address adding money or taking money from the ICF this year. Senate Bill 49 appropriates $10 million from the American Rescue Plan Act for water and sewer infrastructure at a new men’s prison, $132.4 million from the general fund and $95.7 million from the budget reserve fund to the ICF. 

It would bring the total funds in the ICF to $569.1 million in the ICF. 

Senate Bill 50 appropriates $2.4 million from ARPA to the women’s prison in Rapid City, spends $20.8 million to a new women’s prison and adds $20.8 million from the general fund to the ICF. 

Both bills remain with the Joint Committee on Appropriations.

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